Chainlink price eyes 126% rally to $32 as double-bottom pattern forms and short-term holder profits hit 7-week high. LINK trades at $14.06, up 5.3%.
Chainlink (LINK) is the top gainer among the top 15 largest cryptocurrencies by market cap today, July 9, trading at $14.06, representing a 5.3% increase in the past 24 hours.
These gains result from increased profitability among traders who have not held the token for an extended period.
Simultaneously, a bullish pattern indicates that the Chainlink price is on the brink of achieving a 78% increase to the highly sought-after price of $30.
Chainlink Price Is On Brink Of 126% Increase
Chainlink is becoming one of the crypto tokens that may perform well in July 2025, as evidenced by the emergence of a double-bottomed pattern on the weekly time frame chart.
This pattern indicates that bulls have been defending the $10 support level, and if it is sustained, it could be a significant factor in a price rally.
LINK price has bounced from this support two times now, and the bullish traders are now targeting the resistance level that stands at $18. If it is successful in defending it, this might trigger a strong price increase, whereby the token will record a 126% gain to $32.
This double bottom pattern is currently in its infancy and will reach its full maturity once the price surpasses $18, transforming this price point into a robust support.
Nevertheless, a favorable price prediction for Chainlink is bolstered by a gradual increase in buying activity.
The stochastic RSI has gradually increased and has recently surpassed 50 for the first time in one month.
This suggests that the momentum is currently favoring bullish speculators.
A higher high will indicate that the bullish momentum is robust, and it is feasible that Chainlink price will increase.
The bullish narrative is also bolstered by the MACD indicator, which has generated a buy signal that may be the determining factor in the 126% increase above $30.
If traders respond to this signal, it may result in the stoch RSI indicator posting higher highs and a significant increase in Chainlink price.
Short-Term Holder Profitability Increases
Chainlink holders who acquired the token within the past 30 days are currently reaping substantial profits.
The 30-day MVRV ratio has increased to 6%, the highest level since late May, indicating that the traders who purchased when LINK generated a buy signal last month are currently experiencing a high level of profitability.
This increase is evident in the data.
The favorable MVRV ratio may influence the Chainlink price bullish or bearishly.
This indicator is bullish in that it suggests that LINK is an optimal investment option for novice traders who are currently profitable.
Conversely, it could prove detrimental to the market if the same traders opt to sell when the price exhibits symptoms of weakness.
In addition to the optimism observed in the spot market, futures traders appear to be increasing their exposure to Chainlink in response to a $150 million increase in open interest in less than two weeks, as Coinglass data indicates.
This frequently suggests that a significant number of traders are anticipating an explosive move in the Chainlink price due to the positive funding rate, indicating a high level of long positioning.
In summary, Chainlink’s price is poised for a significant upward movement due to the formation of a double bottom pattern, which could catalyze a surge above $30.
The potential for a robust northward rally may also be facilitated by the profit-making of short-term holders, who may determine that it is a worthwhile altcoin to acquire.